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Magna Mining announces signing of definitive agreement for Crean Hill Project

Mar 27, 2024

"We are extremely pleased to be able to announce the signing of the Definitive Off-Take Agreement with Vale," said CEO Jason Jessup. "This Agreement is the culmination of several months of work with Vale and we are quite pleased with the outcome. Additionally, the recent announcement of the filed Amended Closure Plan has Magna on track to have all the permits in place to develop the ramp from surface which will allow for underground test mining and set up for a future commercial production decision."

Magna Mining Inc. has signed a Definitive Off-Take Agreement with Vale Canada for the advanced exploration portion of the Crean Hill Project in Sudbury, Ontario. This agreement allows initial production to be shipped to Vale's Clarabelle Mill in Sudbury for processing. Magna conducted extensive test programs to develop recovery predictions and negotiate concentrate smelting and refining treatment terms. The company is also in the process of securing a Permit to Take Water for dewatering the underground workings at Crean Hill, necessary for underground advanced exploration and test mining. An updated Mineral Resource Estimate is planned for Q2 2024, which will inform final underground stope designs and potentially reflect improved grades. Magna is exploring non-equity sources of capital for underground advanced exploration, including government grants or a by-product metal stream, and is fully funded for a 25,000 m exploration drilling program focused on new discoveries at the Crean Hill and Shakespeare projects.

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